Subscribe to The Money StopNews Feed

Browse > Home / News, News-Mortgages / Casino to affect house prices

Casino to affect house prices

January 30, 2007 by admin  
Filed under News, News-Mortgages

Leave a Comment

The news that Manchester has been chosen as the site for the UK’s first super-casino has led some industry experts to predict a rise in house prices in the city.

Nationwide Building Society described the award as a “vote of confidence” in Manchester and said the number of jobs created will affect house prices.

“This could be good news for house prices in Manchester,” said Fionnuala Earley from Nationwide.

“It will bring new jobs to the city and the decision clearly represents a vote of confidence in Manchester’s infrastructure and the city’s ability to support a new super-casino. New jobs will lead to an increased need for housing which will support local demand and house prices.”

The news is undoubtedly good for those who already own houses in Manchester as they will see the value of their property soar.

However, first-time buyers will struggle to purchase a property in the city as prices rise, while Ms Earley also says the casino may have a negative impact on the value of some homes.

“Depending on the location of the casino, there could still be some negative impact on local prices if factors, like noise, for example, become an issue,” she said.

House prices in Manchester have risen by three per cent in the last year and by 101 per cent in the last five years.

Tags: need, site, Manchester, rise, cent

Tags:

Related Entries

  • Housing market may be cooling
    • There are very early signs that the UK housing market may be slowing down.That is according to Nationwide Building Society, which says house price growth in January was the lowest it has been for eight
  • House prices plummet at a faster pace than in the 1990s
    • Many people that are in their thirties and over will still clearly remember the dark days of the 1990s recession and house prices crash, where many people were left in negative equity after property prices
  • House prices could take years to recover according to Bloomberg survey
    • A survey from Bloomberg has suggested that property prices in the UK could take a number of years to recover back to the level that they were at back in 2007, before the credit crunch
  • Inheritance tax spreading as house prices rise
    • Inheritance tax, traditionally thought of as the exclusive preserve of the super-rich, is affecting more and more Britons as house prices rise.This is the claim made today by Calculis Ltd, an independent financial advisor.Currently, UK
  • London house prices dwarf UK
    • People looking to get a mortgage for a home in London may be put off by recent figures regarding house prices.Those living in the capital saw the cost of a home rise by an incredible
  • Another drop in house prices for October
    • October has seen another fall in house prices in the UK according to recently released figures. The figures have been released by Nationwide, and the High Street lender has said that the dearth of buyers
  • How much will your property be worth by the end of this year?
    • Like many homeowners there is a good chance that you are fretting over how far the value of your property is likely to fall over the course of this year, with house prices having already
  • House prices grow again
    • House prices have continued to grow in the UK, according to new figures from Communities and Local Government (CLG).The CLG's house price index highlighted a 1.2 per cent increase in property prices between March and

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!